To decision by ab inbev do can its ipo has major implications for the hong kong market. Shery lets look at how markets closed, another day of record highs with the s p 500 closing above 3000 and the dow reaching 27,332. We had tech and industrials leading the gains. Energy stocks gaining ground as crude rallies on potential impact from Tropical Storm barry in the gulf of mexico. Seeing the nasdaq up. 6 , u. S. Futures not doing much. We saw data last week showing u. S. Producer prices gaining more than expected. Still u. S. Stocks managed to rent at a record high to end at a record high. We have japan away on holiday. Sophie looking at asian futures, they are looking mostly higher but sydney looking to open lower at the start of cash trade. Japan is offline, busy start to the week. We have chinese gdp and a bunch of activity data from the mainland. Stock markets flashing Warning Signals on the china composite with the worst week in two months on friday. We will gauge reaction to the news samsung has crude samsung has gotten emergency the supplies. Not an emergency supplies. Trade data from india as well. Paul we want to get you first word news on the bloomberg terminal out of australia. The amp saying is sale is unlikely to proceed. It doesnt expect the rbnz to approve that. Amp also saying an interim dividend will not be paid for the first half. Amp was one of the institutions that came under most racism during the Royal Commission conduct in the finance and banking industry. Amp saying its sale of amp unlikely to proceed. See what happens with share price when it begins trading. Ins begin lets check with first word news. Su a new survey says the threat of recession in the uks at the highest in more than a decade. In the u. K. Is more at a decade more than a decade. A chance of dramatic slump greater now than since before the financial crisis. Also there is weakening sterling, current account deficit and poor economic growth. The u. K. Banking industry is seeing more job losses. Societe generale has started cutting in london with sources saying 30 people have been dropped in commodities. The is to restructure investment arm to preserve its leading status in equity derivatives. The bank announced lands to cut cut positions plans to 1600 positions around the world. Japan facing criticism for not going far enough to go resolve the Cambridge Analytic scandal. The ftc approved a 5 billion deal but that prompted an outcry from advocates. The agreement needs approval from the justice department. Facebook lost revenue of 6 56 billion last year. Protest in hong kong continued throughout the weekend including violent clashes with police at a Shopping Mall on sunday. Demonstrators are maintaining demand for the chief executive carrie lam to design. There are inquiries of Excessive Force by police. Beijing has refused her offer to step down, saying she is to blame for this situation. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan. This is bloomberg. Lets take it to our top story of the day, chinas trade later on. On display gdp, industrial reaction industrial numbers and more being released. What can we expect . We are expecting a data dump of information and on gdp front economists expected to two point 6 . T weakening economic demand with the external shock of tariffs that have come in. On june activity data there is no let up in weakness with policy support ticking time to kick in. The data we have seen so far doesnt point to a positive picture. The friday import data showed weaker domestic data as well as export demand from the global growth. Weak global growth. Supply and demand indicators were very wobbly and then we had added tariffs that got worse. We saw the recent Producer Price numbers also coming down significantly. Economists are expecting chinas economy to slow further in the second half as external demand remains the biggest drag. For that to finally stabilize at the end of the year with policy support. Shery we have seen everything from rrr cuts to different lending facilities, nothing on the key lending rates. What sort of measures could we see . The Chinese Government is trying to strike a fine balance. As chinas ovulation is aging and they come down from the high doubledigit growth, they are trying to manage the slow down while not increasing levels of debt or causing mass unemployment. The pboc has a bunch of tools at its disposal, but it is likely not to touch the key benchmark lending rate as it would have a broad impact, to take a very targeted approach in terms of monetary easing. Some have expected that since the fed have cut rates that this could give the pboc more rim so nomists are working watching that closely. There is another expectation on the fiscal front, there will be more easing as well. Stimulus already been bill making its way through the economy but expectations they will be stepping up infrastructure investment, stimulus as well as boosting Consumer Spending such as further decreases in to increase auto spending. Shery thank you so much, selina wang. We have an update on the story we are following, hearing that jeffries has named this man as chairman of asia. He is the former chief executive officer at now he is named the asia chairman and he will be joining after the exodus from jeffries, people familiar with the matter say it is now becoming official with jonathan becoming the head of the asia business. This will be forward in basement for the Investment Banking throughout the region, and it will be one of the significant hires according to jeffries with the asian platform that represents the next stage of growth and commitment for jeffries. Former loan, the chief there. Ab inbev has shelved the hong kong listing of its asian unit, citing prevailing market conditions. More on how the market is evaluating this, lets get back to sophie. Why scrap its . It . Sophie the offer was too rich and ahead of the anticipated pricing, analysts we spoke to raise concerns valuations were just too high. Ab inbev struggled with the price even at 40 hong kong, the lower end of the range. Bernstein noted it is unclear if the most the miscalculation was because of bankers or investors willing to pay a significant premium. Topic that came out a lot in advance of the pricing. What does it mean in turn of terms of their goal to reduce debt . Sophie they will not be able to accelerate this leveraging, because they would have been able to trim debt by 8 billion with this ipo. They have other options like selling a Minority Stake in the asian business. Shery what does it mean for hong kong . Sophie ab inbev ofs decision leads them ab inbevs decision if it had gone ahead , it would have doubled the 9. 4 billion raised. 2019 seeing less momentum than 2018 for hong kong when 202 companies tapped markets to raise 37 billion last year, the most since 2010. Top hong kong is falling behind. They are on track for the best year since 2014 with 32 billion in the bank because of tech unicorns. Ipo will bential more highly anticipated. Paul Sophie Kamaruddin in hong kong, thank you. We will have more on ab inbev s listing. We will have more with drew bernstein, a comanaging earner of markham, bernstein and pin shook. Shery we look at what is in store for the markets with socgen. This is bloomberg. We are counting down to the citi open, start of a new trading week, futures pointing weaker the citi open, start of a new sydney open, start of a new trading week, futures pointing weaker. Shery Bank Earnings will be high on the agenda this week as all the big names prepared to post their numbers. Su keenan joins us now your lets get a quick rap of friday joins us now. Lets get a quick wrapup of friday. The day before was 29. 99 and we finally got through su two days in a row of a record close. Earnings propel the market higher . The dollar retreated for a third day. Tech industry and travel notably were among the big movers friday. Lets into some of the big banks that kick off later monday. J. P. Morgan chase, Morgan Stanley goldman, citigroup knowing all the banks will be focusing. We asked about they will be asked about weeks trading revenue, macro issues and rate hikes. Take a look in the bloomberg. Tied to ratence hikes, that is coming to an end as this fed takes the punch bowl away. We will see 25 basis point cut in july at the end of the month. Morgan stanley predicting twice that. Lets take a closer look at what we are expecting with those. Lets but with citigroup later monday. Lets start with citigroup later monday. Su the focus is there International Business which is key and in asia, how they are doing, will they be able to rein in expenses, which is expected across the board . Report. Expected to we have got Goldman Sachs and j. P. Morgan on the 16th, similar issues for them. For goldman, they have been able to survive the 1mdb scandal. That,test have to stay on the bank has signaled it will increase its dividend and j. P. Morgan chase is expected to deliver 28. 8 billion in revenue. Stay tuned. Tuned areall stay plenty to watch for on the earnings front this week. We will stay tuned. Tornado watch for on the earnings front this week. Plenty to watch for on the earnings front this week. China gdp and Industrial Production, a lot of data. I want to start you off right this chart. All those lines are pointing down. Is this the trade war affect . You can say the length of time those indicators are going down, it has been fairly consistent, slow but steady. With 6. 2,to see that 6. 3. On top of last weeks trade data which shows imports a little bit worse than they had previously, export all of those factors see more stimulus measures through easing. It is really the transition mechanism for having to get it done. We are expecting these results to continue to be leading the pboc. Paul things have been cooling off for a while. I dont think it is anything around specific numbers. It shows a much deeper impact because of trade. There is a deeper impact on the economy. We expect the data to be consistent with a moderate continuation and the policy settings that the mainland authorities are going to continue with. Shery we have seen a slowdown in the industrial sector. Consumer prices are slowing down. Producer prices here and potential deflation, where we are going now for the slowdown against the chinese yuan. The renminbi has been supported lately given the temporary trade , but lastre seeing time china had to devalue the currency was during the deflationary pressures of the Producer Price index. Could we be heading there . Toby it is premature to suggest that. We are seeing obviously many inflation pressures in the Global Economy or any, but we are not into deflation territory at this stage. Finding stabilities for the u. S. Dollar weakness, and we have had weaker u. S. Dollar and fed regrets that will continue very it takes pressure off that. I dont see we are in that paradigm right now albeit inflation is not an issue anywhere pretty much around the globe. We have seen chinas june trade data and commodities imports really taking a beating. You seem to like commodities, you are overweight there. Will that fear be affected as we see this weaker demand in china . Commodities are a defensive hold and almost unrequited to what is happening in bond and equity markets. You have seen the performance of it is 30 up this year despite volatility. That can talk news that continues. Gold even though it is not impacted by inflation, gold has been underweight for some time and represents a reasonable value in the portfolio. Not expecting to change that outlook, really looking at the data out of the next order or two to see how the economy quarter or two to see how the economy is going. Paul Goldman Sachs, citigroup kicking things off that if we look at this chart, you can see expectations are not great. Do you think of any sectors or stocks that you might see outperform toby expectations outperform . Toby we will get a reasonable results. The financials are well because we have had good performance in the bank, looking at forward earnings. Defensive sectors based in the u. S. Will do better. Sectors those are the sectors we are looking at. Lawson, thank you. You can get a roundup of stories you need to know in todays edition of daybreak. Bloomberg subscribers can go to dayb on their terminals. It is also available in the in your app. You can customize setting so you only get news on industries and assets you care about. This is bloomberg. This is bloomberg. Shery President Trump has been accused of being racist and divisive after tweeting four regressive lawmakers should return to their broken and crime infested places from which they came. Ros krasny. What is interesting is three of the four lawmakers President Trump seems to be talking about were actually born in the United States. This is sending a broader message to the public. What did he say . Ros it is one of the more incendiary series of tweets he has sent in a while. He talked about indirectly the socalled squad of progressive Young Democratic female lawmakers, and it is a Fact Checking thing to say three out of four of them were born in the United States. It seems like this is what President Trump talked about in his social media summit last thursday, he likes the rocket ship affect when he sends out a tweet and sees the outrage in response, he finds it pleasing. That is what was going on here. It might also be an attempt to deflect attention from negative news around him including the immigration raids in the interior u. S. That were going ahead. They havent started but they may in the next few days. Other things that reflect negatively on the administration. We didnt see any response to his tweets from any republican lawmakers. Kind of once again falls into a and not suretrage, if it goes further but it was surprising. Paul lets move on to other areas of social media, facebooks record 5 million settlement with the sec over the Cambridge Analytic a scandal. Cambridge analytica scandal. Ros the largest fine the ftc has ever levied, and facebook had set aside 3 billion for a fine. 2 billion is not peanuts, but that is how some democratic lawmakers have characterized it. Richard blumenthal of connecticut called this chump change for a company of facebooks size and is calling for hearings. The department of justice has to settlement, so the ftc would have to defend itself. Facebook always in the crosshairs of washington. This comes before a top facebook executive goes up to capitol hill this week to talk about the new Libra Cryptocurrency facebook is planning. It is a big and influential company, doesnt have a lot of fans in washington. Between the ftc fine and the hearings this week, certainly more pushback from washington on facebook. Paul washington editor ros krasny, thank you. Lets get a quick check of the business last headlines. Samsung has security emergency supplies for three key components that had been cut off by japans export restrictions. They dont indicate where they will come from, nor how big the into venturi the inventory is but it seems to be enough to prevent crisis. The chairman jay y. Lee was in tokyo to find alternative sources of semiconductors and components. Shery huawei is ready to cut jobs at its u. S. Subsidiary. This will affect employees at future Way Technology an technology, an r d company. This is over the plan to blacklist huawei. They said the sanctions will cut revenue by 30 billion for the next two years. Paul ab inbevs decision to suspend its hong kong listing has cut their suspected ipo volume in half. This would have doubled the amount raised from 79 other hong kong listings this year. That generated in 2018 more than 200 companies raised 37 billion. Hong kong is relying now on 20 million from alibaba. This is bloomberg. Most of us dont know how much data we use, but we all know were paying too much for it. Enter xfinity mobile. Americas best lte with the most wifi hotspots, combined for the first time. When youre near an xfinity hotspot, youre connected to wifi, saving on data. When youre not, you pay for data by the gig. Use a little, pay a little. Use a lot, just switch to unlimited. Get 400 back when you buy the new lg g8. Call, visit or click today. Paul 8 30 monday morning in sydney. Futures pointing lower by a little less than a half of 1 . I am paul allen. Shery i am shery ahn. You are watching daybreak australia. Lets get to first word news. Su we start with Tropical Storm barry which has weakened to a depression as it moves slowly inland across louisiana. Flights are beginning to return to normal but it did force the temporary shutdown of more than 70 of u. S. Oil and Gas Production in the gulf. The system has winds gusting of 100 kilometers an hour and will drench louisiana with more than half a meter of rain. The turkish president is promising significantly lower Interest Rates by the end of the year, a week after firing the governor of the central bank. The aims to bring inflation down to Single Digits and cut borrowing costs at the same time. While the u. S. Fed is moving towards a cut, turkeys policy rate of 24 was unacceptable, he said. Eastern indonesia is clearing up after a strong shallow earthquake caused widespread panic but no immediate reports of injury. The 7. 3 magnitude tremor struck a Northern Province with an epicenter of a depth of 10 kilometers. There were several aftershocks but no concern of tsunami. Around one Million People it is one of indonesias least populated areas. India has postponed a mission to the moon, halting plans to be the first to explore the southern regions of earths nearest neighbor. It was canceled 56 minutes before liftoff because of what the space agency called a technical snag are the scheduled landing on september 6 would have added india to an elite club of the u. S. , former soviet union, and china for making a soft landing on the moon. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan. This is bloomberg. Shery lets turn to sophie. Emp,e keeping an eye on , we learned amp the sale of this to a u. K. Based resolution life, those are looking highly unlikely to proceed with current terms. There are challenges to any the rbnzs approval. Amp will retain the life units specialge them as a business. You can see on this chart here, amp shares are down. Leapfrogustralia could a key project to be fast tracked into production by the minor. They want to return workers to the shins the gulf of they could be returned on sunday or monday. Paul thank you. Lets get more on what we should be watching us trading gets underway. Watching as trading gets underway. A looming concern for china, the upcoming supply of new stock and there could be bad news to suggest. Run, what has been a tough for chinese equity markets. The ongoing flood of supply with initial Public Offerings is testing investor appetite whether or not they want to move new companieshese coming on board. Already in 2019 you have had 577 Companies Applying for listings, which includes debutantes on the bigger macro concerns about how policymakers are going to respond, but slow deceleration, we get the second quarter. That will sway people little way as well, more risk and the second half of the year and more of it concluding on whether or not you think there will be significant ramp up in pboc policy from the authorities. China as we start off monday will be the focus for people. Of that data out of china and policymakers speaking later in the week. Earnings season, can it really kicked into gear and provide impetus for the Global Equity rally . Adam you feel it will have to because unless you can get some feeling from Company Fundamentals about the outlook and how they are seeing businesses over the next six to 12 months, you got to beg the question as to why multiples have been expanding so much especially for u. S. Equities. Global equities more broadly speaking, the disconnect between what bond markets are telling us , although we have had a bounce in yields recently, a bond rally still intact. The downtrend in yields you see on the blue line, in relation to the fact equities continue to test alltime highs in the u. S. City script citigroup and j. P. Morgan, Goldman Sachs later in the week and even nonfinancial select taiwan Semi Conductor on thursday looking for any potential trade war implications there, and whether it tells of the wider story about how companies are reacting to the changing landscape of global politics, how it gets factored in to prices and whether it would get more justification for valuations and equities to keep going up given the discount rate has come off quite significantly. Joining us. For you can check out our gtv library for the charts you just saw there. Go to gtv. Shery lets return to our earlier story. Maybe i have ab inbevs decision to can the hong kong ipo. This has brought shares down in brussels and has major implications for the hong kong market. Drew bernstein is a comanaging partner who advisor firms on whether going public in hong kong or the u. S. Great to have you with us. Lets talk about what happened with ab inbev. Expectations were high. We are hearing pricing was an issue. What do you believe happened and what will be the implications for the company in the Broader Market . What happened in the process advises,vestment bank they do analysis, valuations, some sort of valuation of pricing. In this situation, it is clear int their analysis anticipation of what the market was didnt agree. Investment bankers dont settle the pricing of the stock market. The market does. Could you believe there have been overpromising for investment bankers. What is next . Not n this case it is it is a large company. It is what we refer to as a Unicorn Company. Sometimes referred to them as unique, each one different. In this case it is not typical, not losing money from what i read, most of this was going to be used to replace debt. I dont think they were under to collect thoughts, understand what went wrong here and reevaluate things and probably look to go public some other time, some other place. Were, would it be a degree of caution or skepticism that given what happened last week, and would ab v need to lower expectations . Yes, but you want to understand what went wrong. Companies like this have a choice now. When a company wanted to raise over 1 billion five years ago, five years ago or six or seven years ago the term unicorn was coined, there were only like 30 companies. Today there are over 300 of them and over 180 are in china. It is an interesting time now. These companies have a choice today. When you are looking to raise over 1 billion, it is on the u. S. Market. Now you have other markets doing that. That experience signal anything about the climate or appetite right now . I think it has to. Anytime they back away from doing ipo and basically market conditions, it didnt seem to have to do with the complexity of the deal, yeah. It has a lot to say about that. I am sure there is a lot of concern about whether hong kong the ability to raise yet that amount of money or if there was a clear understanding. There are many reasons why it didnt happen, possibilities. The investor appetite just wasnt there, but then you have to ask yourself why. Sometimes asian investors dont understand u. S. Companies so it could be bad salesmanship. Shery lets talk about the hong kong exchange. How big of an impact will it have for the Exchange Given the last month we saw scandals related to the ipo vetting teams and their reputation has already taken a hit . Drew hong kong has done significant improvement to the market. My understanding of it, they have always been conscientious about quality or controlling quality of companies on the market. This is not helpful. If you were a Unicorn Company looking to go public, it was hard to ignore this situation. The u. S. Market. In the meantime we see u. S. Exchanges attracting chinese listings. This week we have billionaire international set to price their shares. Tell us about the competition had hong kong exchange, especially when we are seeing ipos slowing down . These are not average companies, we are seeing a lot. F unicorns right now virtually any one of these going public would make that Exchange Number one. That is how large they are. So the exchange of the businesses, they compete like any other business. They have different attractions, chinese obviously, unicorn companies. At least they understand these companies well. That is one advantage to a market. You have seen all of the markets ,tarting to make changes particularly a biotech company, you can have an ipo in china right now. I think right now the u. S. Markets, what these companies are looking for our diversified sources of capital are diversified sources of capital. You have seen a number of them that have actually got over 3 billion their second round this year. There is a lot of attractive features of the u. S. Market. Bernstein, comanaging partner, thank you for joining us. Still to come on signs of progress in the trade war are few and far between since the truce agreed to at the two g20 at the g20. This is bloomberg. Shery big week of market data kicks off with china secondquarter gdp report. It is followed in rapid succession by indias trade deficit, japans Consumer Price index and u. S. Retail sales. Kathleen hays is here with the latest. Starting with asia especially with chinas numbers, the trade war escalated in may, we will see some sort of impact here. The butt were hoping in the First Quarter the gdp was stabilizing, it has gotten weaker. It is not just look at europe manufacturing slowing around the world. Lets jump into the library and look at a chart that gives us the history of this gdp number we are going to get hours from now because 6. 4 in the last two quarters, the other 16. 2 . Probably the worst of the financial crisis, you have to go started, the year calculating its gdp. Not that much weaker what is showing a trend. Also we already saw just last week exports are down again in china. That is clearly you can relate that to the trade war. How about the fact the Producer Price index was flat. Now we are going to look at another chart, thank you. 1. 3 , not thatwn much. Imports, nes, the we know consumer demands have been weaker, there is a lot going on. Bottom line of the secondquarter gdp will show there is a weakening trend here, and boost demand, the call for more stimulus. The Federal Reserve has made its tilt towards more Interest Rate cuts and it is going to give the peoples bank of china move room to move if it decides to. Paul chinas gdp not the only big number out today. China numbers, monthly activity indicators, they are going to show how much of the second round, 200 billion round on tariffs on chinese goods is affecting. I made a list to show you what is going on. Financial production, expected to rebound. Retail sales, consumer may be studying that. Fallingyour data going, to a percent in june but not as much. Fixed asset investment, seeing study at 5 . People are saying all the stimulus the Chinese Government did, is it going to help these numbers . In the trade deficit later out today, it is a is it going to weaken . We have australia, unemployment, central banks, the bank of korea and bank indonesia, expected to rate meet and hold rates steady. Eight fed speakers this week including jay powell, retail sales, Industrial Production of all things. Governor kuroda is going to be speaking on a panel on Central Bank Independence at Columbia University on friday along with eric. We have a busy week all over the world. I will take it from here. Global economics editor kathleen hays. Investors are going to be watching a lot of asian ecodata for clues about the impact of the trade war and any progress in negotiations. The Commerce Ministry indicate substantial discussions have yet to resume, despite the sides of the speaking on the phone. Joining us now is the director of the australian Central Center on china, at Australian National diversity. Thank you for joining us. Should we feel disturbed in any way by the lack of progress beyond a few phone calls . I think we should feel really quite disturbed. The news following the g20 was a deal was going to be struck again. Saying struck many times and the not struck. The key point is even if the u. S. And china settle on any kind of deal, it is a deal that is being made outside the Global Trading system, and it is not good for the system. To give one example, the main thing trump is celebrating his china will buy more Agricultural Products from its farmers and isnt that fantastic for American Farmers . It might be if it comes off. It is unclear whether china has committed to that anyway. More,y do by more buy the farmers around the rest of the world pay the price. Paul that was a curious observation because it never seemed to be written down, china wasnt even sure it was agreed to. If we look at one side, there seems to be a larger political dimension going on. In the u. S. President trump looking at the 2020 election, he wants to appear tough and it is a similar situation in china, counting down to the 70th anniversary of the peoples republic founding. Doesnt want to be backing down. Neither of them will. What we are looking at now is not just questions of Economic Policy and protectionism, we really have entered a new era, a geoeconomic world order where people use economic tools to pursue political means. Huawei is the best example of that being played out between the two superpowers. With the trade deal it looked like, and trump suggested he would restrict the restrictions of u. S. Companies selling to huawei. That is essential for the u. S. Companies because huawei is their main cup winner their main customer. But there is a tech war where the United States doesnt want huawei to be the number one provider of 5g and a bunch of other Technological Capabilities that they have, because they see it as the rightful place on the Global Technology frontier. For china huawei is the National Pride and joy and they have poured money into it and the that is their ambition to become a major technological leader in the world and they are on track to doing that. Fundamentally this comes down to a geopolitical, what i call geoeconomic aim between the great economies, and what we are seeing in recent weeks is they are not the only two who will play it. If they will break the rule, take a look at what is happening with japan and south korea. Looks like japan is starting to play a similar game very talking about the Worlds Largest using economic tools, claiming National Security measures that fundamentally with a industrial policy in mind. Shery south korea could be buying more from china which is not something the u. S. Would like to see. Is this something washington needs to look at if they are going to pursue a comprehensive approach to china . Jane that is one example of there being unintended consequences when you Start Playing around with production area tariffs or anything protection. Anything to slow down the economy alters the distribution of a way a product might be made. With japan threatening to reduce exports to south korea, a key component used in the electronics sector, that threatens samsung. Samsung provides to apple and huawei. That leaves International Investors in a tricky position, deciding where they should put their money and which companies will succeed in the future. Shery thank you so much for joining us area jane goalie, the joining us. Jane golley. Thank you. This is bloomberg. Shery i am shery ahn in new york. Paul i am paul allen in sydney. You are watching daybreak australia. Lets get a look at business flash headlines. The boeing 737 max is expected to Stay Grounded through 2020. There are sources cited from the pilot unions and no firm timeline for the return has been established. American airlines and united say they will remove the max from their schedules through the beginning of november. It has been grounded worldwide following two crashes that killed 346 people. Ry lufthansa is attacking the ceo says Airlines Offering flights for as little as 10 ,uros or 11 are economically ecologically and politically irresponsible. They lowered the profit forecast last month, blaming intense competition from lowcost rivals at home. Paul the rescue of struggling alitalia weeks away after a looming deadline for offers. They received offers from delta airlines, a family and a statement a state owned railroad company. They relaxed the deadline for offers and will now accept expressions of interest instead. Shery we will be joined by pacific life insurances head of asset allocations. And we will hear from dells cfo. Plenty more still ahead. Paul lets get a quick check of the markets before we go. The anz trading flat, futures in ,ustralia weaker by a shade less than. 1 . Markets in japan closed for a public holiday. It is marine day. That is it. We will have all the action soon. This is bloomberg. This is bloomberg. Phil i paul allen it may, we are other under an hour away from the open. I amhery ahn good Sophie Kamaruddin in hong kong. Welcome to daybreak asia. Paul our top stories this monday, china is set to release its trade wounds among gdp, and retail sales will show how much theyre are hurting